Volkmar Denner, CEO of Bosch gives speech at the first Qingdao Multinational Summit in Shandong province on Oct 19. [Photo provided to chinadaily.com.cn]

China has become a center of the global automobile industry, said Volkmar Denner, CEO of Bosch, at the first Qingdao Multinational Summit in Shandong province on Oct 19.

"It is particularly worth celebrating that China has made remarkable achievements over the past 70 years," noted CEO Denner.

Thanks to the 40-plus years of reform and opening-up, China is now the world's second-largest economy, the largest manufacturer as well as exporter, and the second-largest investor in scientific research.

The country has developed into a major powerhouse of the global automobile industry, according to Denner.

With some 70 factories, the country manufactures over one-fourth of the world's new automobiles. Despite a recent slowdown, the country still boasts the world's biggest market with hundreds of millions of potential car-buyers.

"We believe the market is far from saturated," said Denner, "Bosch still has huge growth space in China over the medium and long term."

This year marks the 110th  anniversary of Bosch entering China in 1909. The German automotive supplier currently employs some 60,000 associates in China, the largest Bosch workforce outside Germany. The group is always keen on collaborating with local enterprises.

The cooperation between Bosch and Shandong Heavy Industry Group (SHIG), for example, can be dated back to 1999. To date, their partnership has extended to the joint R&D of new-energy vehicles, fuel cells, and related technologies.

"Joining forces with SHIG raised our expectations on fuel cell technology," said Denner, "Together, we will be fully committed to this course and further expanding the market."

After over 110 years of localization, Bosch (China) has developed into a native group with deep roots in the country. 

"We devote ourselves to meeting the needs of Chinese customers and building a second diesel plant in Qingdao is the best proof," said Denner.